Rangbaaz means a person having lot of colors i.e. acutally many cunning sides of his/her personality. Usually a guy who creates drama in public to get people's attention & he/she, himhelf/herself look cunning while playing such drama, is called Rangbaaz.
TV reporter: What happened to your sons? & why did people arrest them?
Oldman: (Starts playing drama) being in the context of the question but acts full fledge like a tragic hero to capture people attention rather focusing on the question.
while two young fellows standing around & watching all this.
Guy 1: Hey! what this man is doing actually?
Guy 2: this is actually a bhenchod Rangbaaz Baba.
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(Chiefly Bharatiya Bangla slang) A person who doesn't care anything, does whatever he likes, and often a womanizer.
Arun is one of my friends and so handsome that he could be a great rangbaaz.